ENMAX Corporation (ENMAX) announced today its financial results for the year ended December 31, 2018. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA¹) were $435.0 million, compared to $424.0 million in 2017, and comparable net earnings were $149.2 million versus $140.2 million in 2017. These results were achieved by effectively navigating ENMAX’s Competitive Energy portfolio through changing electricity market conditions in Alberta and growing ENMAX’s Power Delivery business through ongoing investment in Calgary’s electricity infrastructure.
“In 2018, we delivered positive financial results, closing the year with a strong balance sheet and remaining well positioned to continue to grow and create value for our Shareholder, the City of Calgary,” said Gianna Manes, President & CEO. “We also achieved strong operational performance throughout the year, ensuring the safety and reliability of our electricity system and services. Looking ahead, we remain focused on serving the evolving energy needs of our customers and communities.”
(millions of dollars, except where otherwise noted)
Comparable net earnings¹
Net earnings (loss)
Total shareholder’s equity
¹ The Corporation uses adjusted earnings before interest, income tax, depreciation and amortization (EBITDA) and comparable net earnings as financial performance measures. These terms are not a defined financial measure according to IFRS, however are provided to complement IFRS measures in the analysis of the Company’s results of operations from management’s perspective. Reconciliation of adjusted EBITDA and comparable net earnings are found in the Corporation’s Management’s Discussion and Analysis for the year ended December 31, 2018.
About ENMAX ENMAX Corporation, through its subsidiaries, makes, moves and sells electricity to residential, small business and large commercial customers and is headquartered in Calgary, Alberta, with offices in Edmonton. ENMAX Power Corporation owns and operates transmission and distribution infrastructure in Calgary and ENMAX Energy Corporation owns diverse generation facilities throughout the province. ENMAX Energy is currently the electricity retailer of choice for both The City of Calgary and The City of Edmonton, and, through its subsidiaries, offers a range of innovative energy solutions across Alberta including electricity, natural gas, renewable energy and other services.
Caution: This news release is intended to be read in conjunction with the 2018 Annual Financial Report including Management’s Discussion and Analysis and Financial Statements. Commentary provided here may not be a suitable source of information for readers who are not familiar with ENMAX’s operations and is not a substitute for reading the Financial Statements and Management’s Discussion and Analysis.
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All customers are free to purchase natural gas services from the default supply provider or from a retailer of their choice and to purchase electricity services from the regulated rate provider or from a retailer of their choice. The delivery of natural gas and electricity to you is not affected by your choice. If you change who you purchase natural gas services or electricity services from, you will continue receiving natural gas and electricity from the distribution company in your service area. For a current list of retailers you may choose from, visit www.ucahelps.gov.ab.ca or call 310-4822 (toll free in Alberta).
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